markets such as Paris, Milan and Frankfurt.

That is the view of Tucker's Town resident Dr. Donald E. Panoz, who is chairman and CEO of the Elan Corporation.

His confidence in the BSE was put to the test last Friday when $20 units in Elan subsidiary Advanced Therapeutic Systems were listed on it for the first time.

Each unit consists of a callable common share of ATS and one five-year warrant to acquire a share of Elan.

ATS is the fourth international company over the last few days to be listed on the BSE.

Its units were simultaneously listed on the American Stock Exchange and gained 50 cents during the first day of trading.

At a Press conference yesterday, Dr. Panoz said: "We had to send back $6.95 million in over-subscriptions, so the offering was a great success.'' The offering raised $78.5 million for ATS, which has also been given a further $35 million in cash by Elan.

Dr. Panoz said he selected BSE because he recognised its potential and, additionally, he wanted to leave his mark on Bermuda.

"In 1983, I saw Bermuda was growing up,'' he said. "I was on the board of an insurance company called Aneco Re and I began to realise that there are many expert, credible business people here.

"Bermuda has a solid base, which is not associated with fast money. It is a good place for international financial services and has a high monetary reputation.'' Although none of the international companies listed on BSE have ever traded, Dr. Panoz appeared confident that units, trading under the symbol ELN.E, would be actively traded in Bermuda. "There will be an inventory of stocks provided by people who own the units,'' he said.

" We would hope that people would be trading in these shares,'' he said.'' He believes that Bermuda has "a better possibility of being a major financial exchange and trading centre than other existing exchanges, which are constrained by outside rules and regulations''.

The press conference was also attended by Premier the Hon. Sir John Swan, Shadow Minister of Finance Mr. Eugene Cox, Bank of Bermuda executive vice-president Mr. William Thomson and Mr. David Doyle, a partner of law firm Appleby, Spurling and Kempe, which acts for Elan.

"We owe Dr. Panoz, his board and their advisers a debt of gratitude for selecting Bermuda as the jurisdiction for this venture, having been satisfied that the infrastructure, organisations and local professions were in place to handle such an offering,'' said Mr. Doyle.

Elan and ATS have offices at St. James Court in Flatts. The Elan Corporation operates in the specialised health care field of advanced reformulations and drug delivery, concentrating on improved drug absorption and utilisation.

NEW LISTING -- Premier the Hon. Sir John Swan congratulates Dr. Donald E.

Panoz (second left) on his company's new listing on the Bermuda Stock Exchange. Also pictured are (left to right), Mrs. Nancy Panoz, Shadow Finance Minister Mr. Eugene Cox, Bank of Bermuda executive vice-president Mr. William Thomson, the Premier, and Bank of Bermuda manager of corporate banking Mr.

Clement Talbot.